Crude oil prices raced higher at the weekend, with the New York contract closing at a fresh two-year peak as traders watched heavy fighting in Libya, particularly in the oil-important east.
New York's light sweet crude for April delivery closed at $US104.42 a barrel, a hefty $US2.51 gain.
The benchmark WTI contract has added about $US18, or more than 21 per cent, over the past two weeks. It hit an intraday peak in the latest trading at $US104.60, the highest level since September 29, 2008.
In London, Brent North Sea crude for April gained $US1.18 to settle at $US115.97.
"New investors are going to hit the market," said Rich Ilczyszyn of brokerage Lind-Waldock.
"This could open the door to $US110, even $US115 depending on how things unfold in the Middle East."
Source and full story: Sydney Morning Herald, 7 March 2011
Which is exactly what the Petrocarbon Industrial Complex want. They don't want to just control oil, they want to control its supply. By reducing supply when demand is on the increase they increase the price per barrel of the black gold they have stolen.